Vital Signs Monitoring Market Analysis (2023 - 2030)
The market for vital signs monitoring was valued at USD 8.6 billion in 2021, and from 2022 to 2027, it is anticipated to expand at a CAGR of 9.3%.
The main factors influencing this market's profitable expansion include the rising prevalence of chronic illnesses, rising number of healthcare facilities, particularly hospitals, rising demand for home healthcare services, and constant product innovation In a short time, separate vital sign monitoring devices that measured Blood Pressure (BP), pulse, and temperature made way for merged all-in-one systems. In addition, there has been a surge in the number of inventions in this product area, which is supporting market growth.
Due to the COVID-19 pandemic that began in 2020, there was a sharp increase in the demand for vital sign monitoring devices such as blood pressure monitors, pulse oximeters, and temperature monitoring devices as these were the key indicators to be used in determining the existence of the virus. According to Sharp Health News, around 103 million Americans have hypertension. Since COVID-19 is dangerous for those with heart disease and other linked conditions, including high blood pressure, the market for BP monitoring devices has grown and is continually expanding. Other major factors influencing the market are the rise in geriatric patients, the need for individualized healthcare, the penetration rate of medical insurance, and the burgeoning medical tourism industry in developing nations.
The rising frequency of chronic illnesses, the rising number of healthcare facilities, notably hospitals, the rising demand for home healthcare services, and ongoing product innovation are the primary factors driving this market's lucrative expansion. In a short time, separate vital sign monitoring devices that measured Blood Pressure (BP), pulse, and temperature made way for merged all-in-one systems. Additionally, this product category has seen additional innovations, which is encouraging market expansion.
Key Market Insights:
- Sphygmomanometers, or blood pressure monitors, had a sizable market share of more than 41.5% in 2021, and it is estimated that their market will expand at a solid CAGR from 2022 to 2027. Due to the fast-expanding prevalence of hypertension, there is an increase in BP monitoring. Additionally, patients now monitor their blood pressure as a precaution or preventive measure due to the increased knowledge. The demand for self-operating digital blood pressure monitors increased as a result of this. A sizeable portion of the pulse oximeter market in 2021 was made up of tabletop/bedside, fingertip, hand-held, wrist-worn, pediatric, and accessory pulse oximeters.
- Fingertip pulse oximeters are estimated to experience rapid expansion since they are wireless and portable, which increases patient compliance. Digital thermometers, mercury-filled thermometers, infrared thermometers, liquid crystal thermometers, and accessories for temperature monitoring equipment are different types of thermometers. To reduce the risk of mercury, which can be harmful to the environment and patients in the event of an accidental break in the body cavity, there was innovation in the segment of products that contained mercury. As a result, digital thermometers were developed, which could measure the patient's temperature more accurately and safely due to the absence of mercury.
- With a market share of more than 35.5% of worldwide sales in 2021, the hospital end-use sector dominated the industry. This expansion can be attributed to their sizable patient base and improved ability to finance these gadgets. Through software, these devices may now be linked to a broad platform that enables hospital staff to quickly monitor patients' vital signs on a single dashboard. All types of vital sign monitors must be used by hospitals in great numbers in operating rooms, emergency rooms, outpatient clinics, patient rooms, nurse's stations, and ambulatory services.
- In 2021, North America dominated the world in terms of revenue, accounting for more than 41.00% of it. Between 2022 and 2027, the regional market will continue to grow at a consistent rate. The primary drivers of the local market are the aging population, increasing prevalence of incurable diseases, increased interest in remote and wireless devices, and streamlined coverage practices. Additionally, the region has good reimbursement coverage for necessary medical devices, high levels of knowledge, and access to healthcare services, all of which contribute to the high product demand.
- Europe, particularly the Western European countries, is anticipated to remain the second-most profitable region over the forecast period due to the higher death rate and growing need for cost-effective treatments. Over the projected period, Asia Pacific is anticipated to increase at the fastest rate. This expansion is attributable to the vast unmet requirements in this region, particularly in the rising markets like India and China for primary healthcare. Additionally, the region's expanding healthcare and medical tourism industries will offer a wealth of opportunities for industry participants to thrive.
Market Segmentation:
By Product
- BP monitoring devices
- Aneroid BP monitors
- Automated BP monitors
- Pulse-oximeters
- Tabletop/bedside pulse-oximeters
- Fingertip
- Handheld
- Wrist-worn
- Pediatric pulse-oximeters
- Temperature monitoring devices
- Mercury-filled thermometers
- Digital thermometers
- Infrared thermometers
- Temperature strips
By End-Use
- Hospitals
- Physician’s Office
- Home Healthcare
- Ambulatory Centres
- Emergency Care Centres
- Other Healthcare Settings
By Region
- North America
- Europe
- Asia-Pacific
- Rest of the World
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